Flexibility - design your own policy
Market leading fully flexible strata insurance with the ability to customise your policy to suit your strata building.
Do you own a strata property in NSW? If so your owners corporation must take out strata insurance, but not everything needs to be included.
Under NSW law – the Strata Schemes Management Act 2015 (NSW) and other legislation – some things will be automatically covered by your Flex Residential Strata Insurance, including insurance for:
Once the basics are covered, Flex lets you tailor your policy to include the extra things you want to insure, such as:
Market leading fully flexible strata insurance with the ability to customise your policy to suit your strata building.
Flex cuts through the confusing insurance jargon with easy to understand strata policies helping you choose the cover that is best for you.
24/7 claims service and support with emergency assistance to get you back on your feet as soon as possible.
Brought to you by Australia’s first and leading strata specialist CHU Underwriting Agencies.
Yes definitely. Flex strata insurance covers more than just Sydney. Across New South Wales, we're able to provide insurance to owners corporations in major cities and regional centres including:
In New South Wales, sections 160, 161 and 164 of the Strata Schemes Management Act 2015, require the owners corporation to take out strata insurance to cover:
Owners corporations can also take out optional cover to include such things as theft and fraud, machinery breakdown or committee indemnity.
The owners corporation of a strata title scheme is responsible for taking out strata insurance. In practical terms, this means it’s usually the management committee that purchases from the insurance company or via a broker or strata manager on behalf of the corporation, however members of the owners corporation (i.e. the unit owners) have the right to inspect the policy, check that it is adequate, and that it represents value for money.
Strata insurance covers the owners corporation for the cost of repairing or replacing the building's infrastructure, such as the walls and windows, stairwells and fire exits, common lobbies and facilities, lighting, security systems and even areas which aren't accessible to all residents such as individual balconies and managers' offices.
Owners corporations take out strata insurance to cover the areas of the property that are owned jointly by the lot owners. These include common areas around and within the building such as driveways, carparks, garages and sheds. These items are defined in the NSW strata title. Outdoor areas such as landscaping and gardens can be included but may have set limits. Some items such as machinery may need to be specifically listed on the policy to ensure they are covered, if they are not standard items.
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Product Disclosure Statement and Policy Wording for policies effective from 1 October 2023 | Download |
What has Changed for PDS and Policy Wording effective 1 October 2023 Outlines key policy changes, and should be read in conjunction with latest Product Disclosure Statement and Policy Wording. |
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Product Disclosure Statement and Policy Wording for policies effective from 1 January 2022 - 30 September 2023 | Download |
Target Market Determination (TMD) Target Market Determination is a document that describes who the product is appropriate for (target market), and any conditions around how the product can be distributed to customers. |
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PDF Quote Form Download and complete a pdf quote form |
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